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DENVER — Colorado’s governor has signed a bill establishing college funds for the state’s newborn children for the next two decades.

The Denver Post reported Monday that Democratic Gov. Jared Polis signed the bill Monday that sets aside $100 for each child born or adopted in Colorado between 2020 and 2040.

The money will initially reside in an investment fund operated by CollegeInvest, a division of the state’s Department of Higher Education.

Each child’s money will be transferred to a post-secondary education savings account established by a parent.

If an account is not opened before a child turns 5 years old, the money will remain in the state fund for another child.

Officials say the state’s contribution is adjusted for inflation and may be more than $100 per child in future years.